Overall, 5 cities experienced an upward trend last month, 4 downward, and 15 remained stable. Similar to the previous month’s report, more than half of the total markets were flat, which is surprising since it is hot moving season right now. Meanwhile, year over year growth rates told a different story as 11 cities experienced large, double digit growth rates. This suggests that while the Canadian market overall has gotten much more expensive in the past year, it seems either a price ceiling may have been hit in a lot of these cities, since they aren’t growing as much month on month, or the demand is is finally beginning to taper off.
In our top cities, Toronto reached another peak with one bedrooms hitting $2,300, while Vancouver rent was stable on a monthly basis but up 10% year over year. Besides Kelowna and Hamilton dropping one spot each, the rest of the top 10 stayed unmoved.
In terms of year over year changes, Kitchener had the largest one bedroom rental growth rate, up 15.9%, while Québec’s rent took the largest rent dip, down 11%.
Top 5 Most Expensive Markets
- Toronto, ON saw one bedroom rent inch up $10 to $2,300, beating out the previous peak last month of $2,290. Two bedrooms, on the other hand, stayed stable at $2,850.
- Vancouver, BC one bedroom rent had a flat month, staying at $2,200, while two bedrooms dropped 3.4% to $3,090. Notably, one bedroom rent in this city is up 10% since this time last year.
- Burnaby, BC remained the third most expensive city with one bedroom rent staying stable at $1,570 and two bedrooms decreasing 1.7% to $2,280.
- Barrie, ON one and two bedroom rents both had a flat month, staying at $1,450 and $1,550, respectively.
- Montréal, QC continued to round off our top 5 markets with one bedroom rent stable at $1,430 and two bedrooms flat at $1,710. Though unchanging month on month, one bedroom rent here is up 8.3%.
Since monthly growth rates were mostly flat, we decided to focus on year over changes instead since those were more significant.
–Kitchener, ON one bedroom rent had the largest year over year growth rate, climbing 15.9% to reach $1,310, and ranked as the 7th most expensive in the nation. Two bedrooms were up as well, jumping 8.7% to $1,500.
–Saskatoon, SK saw one bedroom rent climb 15.8% since this time last year, settling at $880, while two bedrooms had more modest growth, up 10.8% to $1,030. This city was the 21st priciest on our rankings.
–St. Catharines, ON ranked just out of the top 10 markets as 11th. One bedroom rent jumped 15.5% since this time last year, settling at $1,190, while two bedrooms grew 11.1% to $1,500.
–Québec, QC was the 23rd most expensive, or 2nd most affordable, city in the nation. One bedroom rent here had the largest year over year decline, falling 11% to $810. Two bedrooms also saw a dip, down 8.4% to $980.
–Kingston, ON one bedroom rent dropped 9.4% since this time last year, settling at $1,060, and ranked as the 14th priciest.
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Any data that is reported does not include short term or Airbnb listings.